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本文选取2013-2015年在深圳创业板成功上市的282家公司为混合样本,研究无形资产、中小企业信用能力与企业价值三者之间的关联关系。结果显示,中小企业的无形资产与其信用水平密切相关,是其重要的信用能力载体;中小企业无形资产的价值(信用能力)通过信用表现(信用能力的发挥)最终影响企业价值的实现。进一步研究发现,中小企业不同类型的无形资产对信用的影响、信用对企业价值的影响机制不尽相同。
This article selects 282 companies listed in Shenzhen GEM successfully during 2013-2015 as a mixed sample to study the relationship between intangible assets, SME creditability and enterprise value. The results show that the intangible assets of SMEs are closely related to their credit levels and are important carriers of their creditworthiness. The value of SMEs intangible assets (creditability) ultimately affects the realization of enterprise value through credit performance (creditability). Further study found that the impact of different types of intangible assets of SMEs on credit, the impact of credit on the value of enterprises vary.